The Piedmont Office Realty Trust Inc. (PDM) Downgraded by Zacks Investment Research to Hold

The Piedmont Office Realty Trust Inc. (PDM) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Piedmont Office Realty Trust Inc. (NYSE:PDM) from a buy rating to a hold rating in a research note issued to investors on Friday.

According to Zacks, “Piedmont Office Realty Trust, Inc. is an integrated and self-managed real estate investment trust specializing in the acquisition, ownership, management and development of commercial real estate properties. That includes properties that are under construction, newly constructed, or have operating histories. The Company is primarily focused on high-quality Class A office buildings located in major U.S. markets and leased primarily to high-credit quality tenants. Major markets include: Washington, D.C., greater Los Angeles, the New York metropolitan area, Boston and Chicago. Piedmont conducts business primarily through Piedmont Operating Partnership, LP; a Delaware limited partnership, as well as performing the management of its buildings through two wholly-owned subsidiaries, Piedmont Government Services, LLC and Piedmont Office Management, LLC. Piedmont OP owns a majority of its properties directly and a limited number through joint ventures with real estate limited partnerships with other third parties. “

Separately, DA Davidson raised their price objective on Piedmont Office Realty Trust from $22.00 to $23.00 and gave the company a neutral rating in a research note on Monday, August 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $20.67.

Piedmont Office Realty Trust (NYSE:PDM) opened at 20.88 on Friday. Piedmont Office Realty Trust has a one year low of $16.93 and a one year high of $22.28. The company’s 50-day moving average is $21.33 and its 200-day moving average is $20.87. The firm has a market capitalization of $3.03 billion, a P/E ratio of 14.27 and a beta of 0.56.

Piedmont Office Realty Trust (NYSE:PDM) last issued its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.40. Piedmont Office Realty Trust had a return on equity of 9.87% and a net margin of 38.14%. The company had revenue of $135.30 million for the quarter, compared to analysts’ expectations of $138.87 million. During the same period last year, the business earned $0.39 EPS. Piedmont Office Realty Trust’s quarterly revenue was down 7.8% compared to the same quarter last year. Equities analysts forecast that Piedmont Office Realty Trust will post $1.64 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend was Wednesday, August 24th. Piedmont Office Realty Trust’s dividend payout ratio is presently 57.93%.

Several large investors have recently made changes to their positions in PDM. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Piedmont Office Realty Trust by 2.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,038 shares of the real estate investment trust’s stock valued at $152,000 after buying an additional 148 shares in the last quarter. BlackRock Japan Co. Ltd raised its stake in shares of Piedmont Office Realty Trust by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 7,692 shares of the real estate investment trust’s stock valued at $156,000 after buying an additional 58 shares in the last quarter. Creative Planning raised its stake in shares of Piedmont Office Realty Trust by 367.1% in the third quarter. Creative Planning now owns 7,581 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 5,958 shares in the last quarter. Wolverine Trading LLC acquired a new stake in shares of Piedmont Office Realty Trust during the second quarter valued at about $198,000. Finally, BB&T Securities LLC acquired a new stake in shares of Piedmont Office Realty Trust during the second quarter valued at about $201,000. 83.34% of the stock is owned by hedge funds and other institutional investors.

Piedmont Office Realty Trust Company Profile

Piedmont Office Realty Trust, Inc (Piedmont) is an integrated self-managed real estate investment trust specializing in the acquisition, ownership, management, development and disposition of primarily Class A office buildings located in the United States office markets. The Company operates through its real estate assets segment.

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